30 Monmouth St. in Red Bank — Courtesy: NAI DiLeo-Bram & Co.
By Joshua Burd
A private investor has acquired a well-known, 3,600-square-foot retail property in downtown Red Bank, in a newly announced deal by NAI DiLeo-Bram & Co.
The brokerage team said the building, located at 30 Monmouth St., has a long-term lease with a restaurant dubbed Agra Indian Masala. It’s also the former home of Monmouth Music, which occupied the space for 31 years, making it a popular destination among novice and well-known guitarists.
NAI DiLeo-Bram Associate Vice President Kelly Bayer and Chief Operating Officer David A. Simon represented the unnamed seller. Melina Bradley and Jillian Abbadessa of Keller Williams Realty West Monmouth represented the buyer in the deal, the terms of which were not disclosed.
“This sale emphasizes the enduring appeal of prime retail space in Red Bank, which has emerged as an urban-chic hotbed as well as the gateway to the Jersey Shore,” Bayer said. “This property’s strategic Monmouth Street location, excellent visibility and access to a high-foot-traffic consumer base rendered it an extremely attractive investment opportunity.”
In announcing the deal last week, NAIDB said the building is positioned for a variety of retail uses, including food and beverage, in one of the state’s most in-demand commercial corridors. The firm also pointed to the convenience of the adjacent White Street municipal parking lot.
The property is part of a downtown that’s rich with boutiques, art galleries and specialty shops as well as regional and national retailers, NAIDB said, while citing a culinary scene ranging from casual fare to fine dining. The borough, which sits on the Navesink River and is minutes from the Garden State Parkway and Route 35, also has destinations such as the Count Basie Center for the Arts, the Two River Theater and a mix of bars, clubs and live music venues.
To that end, Simon touted it as “a highly desirable location for retailers due to its affluent customer base, high foot traffic and strategic location.”
“The downtown area has attracted a variety of operators from small, independently owned shops to larger brands,” he said. “As a result, rents and property values have been increasing making the area appealing to real estate investors.”
